Section 241(1)

Without prejudice to the generality of sections 238(3) and 239(3), an order under either of those sections with respect to a transaction or preference entered into or given by a company may (subject to the next subsection)— require any property transferred as part of the transaction, or in connection with the giving of the preference, to be vested in the company, require any property to be so vested if it represents in any person’s hands the application either of the proceeds of sale of property so transferred or of money so transferred, release or discharge (in whole or in part) any security given by the company, require any person to pay, in respect of benefits received by him from the company, such sums to the office-holder as the court may direct, provide for any surety or guarantor whose obligations to any person were released or discharged (in whole or in part) under the transaction, or by the giving of the preference, to be under such new or revived obligations to that person as the court thinks appropriate, provide for security to be provided for the discharge of any obligation imposed by or arising under the order, for such an obligation to be charged on any property and for the security or charge to have the same priority as a security or charge released or discharged (in whole or in part) under the transaction or by the giving of the preference, and provide for the extent to which any person whose property is vested by the order in the company, or on whom obligations are imposed by the order, is to be able to prove in the winding up of the company for debts or other liabilities which arose from, or were released or discharged (in whole or in part) under or by, the transaction or the giving of the preference.

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Source: legislation.gov.uk · retrieved 2026-09-04